Mixed quarterly performance for General Mills

Mixed quarterly performance for General Mills

The company impressed the market with its quarterly results

For the fiscal Q4 2021, General Mills posted an EPS of 91 cents, beating the consensus by 3 cents. The company's net sales increased 3% from the prior year to $18.1 billion. At the same time, General Mills operating profit increased 6% to $3.1 billion. The convenience stores and foodservice segment had one of the strong performances during the quarter. It reports sales of $493 million – a 25% increase from the same quarter last year. On the other hand, the pet segment declined 20% to $444 million.

General Mills CEO stated: "We competed effectively, generated strong top-and bottom-line growth, and further improved our balance sheet, allowing us to resume dividend growth and share repurchases. In addition, we advanced our Accelerate strategy by investing in our brands, strengthening our capabilities, building on our leading position as a force for good, and taking significant steps to reshape our portfolio and our organization for future growth."

For fiscal 2022, citing softer consumer demand, it expects its organic sales to decline 1% - 3%. The EPS is seen as having a flat growth to down 2%.

At the moment of writing, General Mills stock price is trading more than 1% higher.

Sources: cnbc.com, seekingalpha.com

The information presented herein is prepared by CAPEX.com and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only and as such it has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.

Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.